Elder financial exploitation is an alarming and growing problem. This abuse can involve the illegal or unauthorized use of an older person’s funds, property, or assets. Fortunately, thoughtful estate planning can provide robust protection against this threat. Here’s how.
Durable Power of Attorney (POA)
A durable POA allows you to name a trusted individual to manage your financial affairs if you become incapacitated. This document can limit the agent’s powers to specific transactions, adding a layer of protection against potential abuse.
Revocable Living Trusts
By placing assets in a revocable living trust, you can maintain control over them while providing clear guidelines if you need help managing them yourself. You can name a trusted successor trustee who is legally obligated to follow the guidelines you’ve laid out.
Regular Financial Reviews
Scheduling regular financial reviews with your attorney or financial advisor, ideally in the presence of a trusted family member, can provide an additional set of eyes to spot any irregularities.
Guardianship designations can be a powerful tool to ensure that a court appoints someone you trust to manage your affairs.
Include mechanisms for reporting suspected abuse to the proper authorities in your plan, providing a clear pathway to address concerns if they arise.
Working with a Reputable Estate Planning Attorney
A skilled estate planning attorney can craft an estate plan with the necessary safeguards tailored to your unique situation.
Protecting against elder financial exploitation is a complex but vital aspect of estate planning. By working closely with experienced professionals, you can create a plan that minimizes risks and provides peace of mind for you and your loved ones.
If you’re in Florida and need assistance protecting your estate against potential exploitation, Heidi S. Webb, Attorney at Law, can help. Contact her today to discuss your needs.
Heidi S. Webb, Attorney at Law, serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Estate Planning and Probate. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi.